Key Points
- Bakkt General Counsel Marc D'annunzio sold 7,780 shares on April 28 at an average price of $8.86 under a pre-arranged Rule 10b5-1 plan to cover tax withholding from vested equity, leaving him with 110,059 shares (a 6.6% ownership decrease).
- BKKT stock is trading lower (down about 8.6%, opened at $7.84) and sits below its 50-day moving average ($8.91) and well below its 200-day average ($14.49), reflecting high volatility (beta 6.04) and a market cap near $240 million.
- Analysts have reduced targets—Benchmark cut its price target from $40 to $22 while consensus is a "Hold" with an average target of $22 (one Buy, one Sell rating reported).
Bakkt Holdings, Inc. (NYSE:BKKT - Get Free Report) CFO Karen Alexander sold 4,684 shares of the stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $9.13, for a total value of $42,764.92. Following the completion of the transaction, the chief financial officer directly owned 55,771 shares of the company's stock, valued at $509,189.23. This trade represents a 7.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Bakkt Price Performance
Shares of BKKT stock opened at $7.84 on Thursday. Bakkt Holdings, Inc. has a 12-month low of $6.87 and a 12-month high of $49.79. The firm has a market capitalization of $239.67 million, a price-to-earnings ratio of -1.53 and a beta of 6.04. The business has a 50 day simple moving average of $8.91 and a 200 day simple moving average of $14.49.
Hedge Funds Weigh In On Bakkt
Several institutional investors and hedge funds have recently added to or reduced their stakes in BKKT. Vanguard Group Inc. grew its stake in shares of Bakkt by 131.2% in the 3rd quarter. Vanguard Group Inc. now owns 664,561 shares of the company's stock valued at $22,362,000 after purchasing an additional 377,101 shares during the period. Renaissance Technologies LLC acquired a new position in Bakkt during the 4th quarter worth $5,643,000. Geode Capital Management LLC lifted its holdings in Bakkt by 13.2% during the 4th quarter. Geode Capital Management LLC now owns 489,428 shares of the company's stock worth $4,914,000 after buying an additional 56,910 shares in the last quarter. Marshall Wace LLP acquired a new position in Bakkt during the 3rd quarter worth $11,775,000. Finally, UBS Group AG lifted its holdings in Bakkt by 638.5% during the 4th quarter. UBS Group AG now owns 264,462 shares of the company's stock worth $2,655,000 after buying an additional 228,653 shares in the last quarter. 11.11% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
Several brokerages recently commented on BKKT. Benchmark reduced their price target on shares of Bakkt from $40.00 to $22.00 and set a "buy" rating for the company in a research report on Wednesday, March 18th. Weiss Ratings restated a "sell (d-)" rating on shares of Bakkt in a report on Friday, March 27th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $22.00.
Check Out Our Latest Report on Bakkt
Bakkt Company Profile
(
Get Free Report)
Bakkt Holdings, Inc is a digital asset platform that aims to bridge traditional finance and digital assets by offering institutional-grade custody, trading and settlement services. Established in 2018 by Intercontinental Exchange (ICE), the company initially made headlines with the launch of its physically settled Bitcoin futures contracts in 2019. Since then, Bakkt has expanded its product lineup to include spot trading of cryptocurrencies, a secure digital wallet for retail customers and a payment gateway that enables merchants to accept digital assets alongside fiat currencies.
The company's core offering centers on its custody infrastructure, which is built to meet robust regulatory and security standards.
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